Enjie (002812) 2018 Annual Report and 2019 First Quarterly Report Review: Significant Growth in Separated Business Volume

Enjie (002812) 2018 Annual Report and 2019 First Quarterly Report Review: Significant Growth in Separated Business Volume

The report reads that the company achieved revenue in 201824.

5.8 billion (+16.

23%), achieving net profit attributable to mother 5.

1.8 billion (+40.


In Q1 2019, the company achieved revenue6.

5.6 billion (+52.

33%), net profit attributable to mother 2.

1.2 billion (+164.


Key points of investment Breakthrough business volume, performance growth growth The company completed the Shanghai Enjie 90 in July 2018.

08% equity acquisition (business combination under common control).

Revenue from Wet Shrink (Shanghai Enjie) in 201813.

300 million (+48.

57%), net profit 6.

3.8 billion (+62.

16%), of which net profit attributable to shareholders of listed companies4.

7.6 billion (Shanghai Enjie press 53 from January to July).

86% is calculated and merged into the listed company, according to 90 from August to December.

08% incorporated).

The company’s 2018 budget is 4.

6.8 billion square meters, the domestic market accounts for 45%, and the global market accounts for 14%. In the case of most wet-process enterprises with negative profits, the company achieved a single square meter excluding tax price 2

85 yuan / square, net profit per square meter is about 1.

36 yuan / flat.

Combined with the breakdown of the company’s statements, we calculated that the company’s restructuring gross profit margin remained at 60% when the industry’s annual price fell by about 40% in 2018.

In Q1 2019, it achieved revenue of 6.

5.6 billion (+52.

33%), net profit attributable to mother 2.

12 billion (+164.

89%), deducting non-net profit1.

80 billion (+800.

43%), of which non-recurring gains and losses mainly come from government subsidies.

43 billion.

The growth rate of the company’s Q1 is about 2-3 times.

At the same time, the company announced the net profit of return to mother from January to June3.

6 billion, so Q2 single-quarter net profit was 1.

Between 4.8 billion.

The fixed assets have increased significantly, and a large amount of production capacity is waiting to be released in 2018.

75 ppm, at least 15 of 2017.

2.3 billion increased by 108.

49%, mainly due to the completion of the first phase of 杭州桑拿 Zhuhai Enjie’s 12 base film production lines, 5.

1.1 billion projects under construction were converted.

As of the end of 2018, the company’s total production capacity was 1.3 billion square meters (Shanghai 300 million + Zhuhai 1 billion).

The production capacity under construction in 2019 is 1.5 billion square meters (4 production lines in Zhuhai Phase II + 8 production lines invested by Jiangxi Tongrui, of which 2 production lines have been put into operation + 8 production lines in Wuxi Enjie trial production in August).

In 2020, the company’s production capacity will reach 2.8 billion square meters.

The customers are of high quality, and the proportion of overseas supply continues to increase the company’s customers’ large-scale large-scale battery factories.

Several major domestic customers include: Ningde Times, BYD, Guoxuan, Funeng, Lishen. Five companies account for more than 80% of the domestic lithium battery market.

Major overseas customers are: Panasonic, Samsung, LG Chem, which replace 80% of the overseas lithium battery market.

The company ‘s overseas supply decreased last year, and this year ‘s overseas supply increased more than expected. It cuts into the global supply system and tries to hedge domestic customers’ compensation for the price reduction after the slump.
Earnings forecasts and estimates We expect the company’s revenue to be 31 in 2019-2021.



950,000 yuan, an increase of 26 in ten years.

30% / 26.

02% / 25.

14%; net profit attributable to mother is 8.



26 ppm, an increase of 57 in ten years.

78% / 28.

20% / 16.

89%; EPS is 1.



59 yuan / share, the corresponding PE is 32.



40 times, give “overweight” rating.

Risks suggest that budget prices have fallen more than expected, and demand for new energy vehicles has fallen short of expectations